In June 2008 Conde Nast Portfolio reported that numerous Washington, DC politicians over recent years had received mortgage financing at noncompetitive rates at Countrywide Financial because the corporation placed the officeholders in a program called "FOA's"--"Friends of Angelo", Countrywide's Chief Executive Angelo Mozilo. The politicians extended such favorable financing included the chairman of the Senate Banking Committee, Christopher Dodd (D-CT), and the chairman of the Senate Budget Committee, Kent Conrad (D-ND). The article also noted Countrywide's political action committee had made large donations to Dodd's campaign.[1] The largest recipient of campaign contributions from Countrywide, though, was Rep. Ed Royce (R-CA), House Financial Services Committee), who has received $37,500 since 1989.[2] Dodd has advocated that the federal government, through the Federal Housing Administration, insure up to $300 billion in refinanced mortgages for distressed homeowners.[3]
Franklin Raines, then Chairman and Chief Executive Officer of Fannie Mae, on July 31, 2002
It was reported by The Wall Street Journal on 6 June 2008 that 2 former CEOs of Fannie Mae, Franklin Raines and James A. Johnson, who was also an adviser to then-Democratic presidential candidate Barack Obama, had received loans from Countrywide.[4] On July 16, 2008, The Washington Post reported that Franklin Raines had "taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters."[5] However, Raines and the Obama campaign both allege that Raines has never advised Obama.[6] See Raines and Obama.
On 18 June 2008, a Congressional ethics panel started examining allegations that Democratic Senators Christopher Dodd of Connecticut (the sponsor of a major $300 billion housing rescue bill) and Kent Conrad of North Dakota received preferential loans by troubled mortgage lender Countrywide Financial Corp.[7]
Dodd has faced criticism for his role in this scandal from Connecticut's largest newspaper, the Hartford Courant[8] as well as from the Connecticut Republican party.[9]Citizens Against Government Waste (CAGW) named Dodd its June 2008 "Porker of the Month" for accepting a preferential mortgage deal from Countrywide Financial which stands to benefit from a mortgage bill he is pushing through Congress.[10]
On January 6, 2010, Dodd announced that he would not run for re-election.[11]
On January 18, 2011, Conrad announced that he would not run for re-election in 2012, but would retire.[12]
countrywide, financial, political, loan, scandal, countrywide, financial, political, loan, scandal, 2008, 2009, involved, politicians, allegedly, received, favorable, mortgage, rates, chairman, senate, banking, committee, christopher, dodd, chairman, senate, b. The Countrywide financial political loan scandal in 2008 2009 involved U S politicians who allegedly received favorable mortgage rates Chairman of the Senate Banking Committee Christopher Dodd D CT Chairman of the Senate Budget Committee Kent Conrad D ND In June 2008 Conde Nast Portfolio reported that numerous Washington DC politicians over recent years had received mortgage financing at noncompetitive rates at Countrywide Financial because the corporation placed the officeholders in a program called FOA s Friends of Angelo Countrywide s Chief Executive Angelo Mozilo The politicians extended such favorable financing included the chairman of the Senate Banking Committee Christopher Dodd D CT and the chairman of the Senate Budget Committee Kent Conrad D ND The article also noted Countrywide s political action committee had made large donations to Dodd s campaign 1 The largest recipient of campaign contributions from Countrywide though was Rep Ed Royce R CA House Financial Services Committee who has received 37 500 since 1989 2 Dodd has advocated that the federal government through the Federal Housing Administration insure up to 300 billion in refinanced mortgages for distressed homeowners 3 Franklin Raines then Chairman and Chief Executive Officer of Fannie Mae on July 31 2002 It was reported by The Wall Street Journal on 6 June 2008 that 2 former CEOs of Fannie Mae Franklin Raines and James A Johnson who was also an adviser to then Democratic presidential candidate Barack Obama had received loans from Countrywide 4 On July 16 2008 The Washington Post reported that Franklin Raines had taken calls from Barack Obama s presidential campaign seeking his advice on mortgage and housing policy matters 5 However Raines and the Obama campaign both allege that Raines has never advised Obama 6 See Raines and Obama On 18 June 2008 a Congressional ethics panel started examining allegations that Democratic Senators Christopher Dodd of Connecticut the sponsor of a major 300 billion housing rescue bill and Kent Conrad of North Dakota received preferential loans by troubled mortgage lender Countrywide Financial Corp 7 Dodd has faced criticism for his role in this scandal from Connecticut s largest newspaper the Hartford Courant 8 as well as from the Connecticut Republican party 9 Citizens Against Government Waste CAGW named Dodd its June 2008 Porker of the Month for accepting a preferential mortgage deal from Countrywide Financial which stands to benefit from a mortgage bill he is pushing through Congress 10 On January 6 2010 Dodd announced that he would not run for re election 11 On January 18 2011 Conrad announced that he would not run for re election in 2012 but would retire 12 See also editFriends of Angelo programReferences edit Countrywide s Many Friends Conde Nast Portfolio 12 June 2008 Countrywide s Campaign Contributions Weren t Loans But They Were Investments Archived 2008 11 18 at the Wayback Machine OpenSecrets org 18 June 2008 Archived copy PDF Archived from the original PDF on 2008 06 26 Retrieved 2008 09 19 a href Template Cite web html title Template Cite web cite web a CS1 maint archived copy as title link Simpson Glenn R 2008 06 07 Countrywide Friends Got Good Loans WSJ com Online wsj com Retrieved 2010 02 27 Huslin Anita 2008 07 16 On the Outside Now Watching Fannie Falter washingtonpost com Retrieved 2010 02 27 Politico com Politico com Retrieved 2010 02 27 John Poirier 2008 06 19 Ethics panel examines lawmakers Countrywide loans Politics Reuters Retrieved 2010 02 27 Sen Dodd s Negligence Courant com Archived from the original on 2008 07 14 Retrieved 2010 02 27 Courant Finally Dings Dodd The Everyday Republican 2008 06 22 Retrieved 2010 02 27 Citizens Against Government Waste porkerofthemonth Cagw org Archived from the original on November 11 2009 Retrieved 2010 02 27 For critics and supporters alike Dodd a master of the Senate Danbury News Times January 6 2010 Retrieved January 6 2010 Sen Conrad D N D Won t Run in 2012 Retrieved from https en wikipedia org w index php title Countrywide Financial political loan scandal amp oldid 1178781808, wikipedia, wiki, book, books, library,
